I can offer two count :
First one is preferred
As i can see, the market price moves in sideways wider & wider, and seem to form an "expanding triangle".
But the price needs to go little higher for (B)of the last [E] to deeper Fibonacci level 61.8%, and then dropping down to complete the pattern with [E] wave of a triangle .If that happened i will expect rally up for higher highs to complete (Y) wave of larger degree, which is not shown here.
My alternative count shows an "expanding flat" formation, which is completed.
I have labeled 1 wave up, which is completed as well. 2nd wave has formed an "expanding flat" and now higher wave 3 of (5) is expected to be formed.
These are the most well fitted possibilities I see.There are few more, but seem very complicated .
I still support that count of the bigger picture(daily)
.According to that labeling (5)th wave of a (Y) wave of double "zig-zag" doesn't look finished.The proportions are already 1:1(Y=W) by size, but i still wait for little more higher to complete the pattern.I expect
that to occur around December 21-22nd 2009.
Good luck!!!
1 comment:
Here is your first comment...
From a colleague trader...
Rich...
http://knol.google.com/k/richard-gosselin/1-2-trade/20y6y99vj8hr1/2#
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